Watson Farley & Williams (“WFW”) advised AMPYR Distributed Energy (“AMPYR”) on a £170m debt facility granted by Crédit Agricole Corporate and Investment Bank to fund the construction, operation and acquisition of commercial and industrial (“C&I”) solar and battery energy storage systems projects across the UK. WFW also advised AMPYR on all project documentation and project document due diligence.
Distinct from traditional project or infrastructure financings, this facility was structured on a ‘borrowing base’ principle to size it based on a net asset value test whereby, if a project meets eligibility criteria set out in the facility agreement, its CFADS would count towards a borrowing base.
Since launching in January 2024, AMPYR has secured over 50 MW of contracted capacity across approximately 50 sites nationwide. The portfolio includes projects for clients in sectors such as manufacturing, retail, leisure and professional sports. This financing will allow AMPYR to expand its C&I portfolio to upwards of 200MW, which will likely comprise several hundred sites with over 100 customers.
The WFW London Projects team that advised AMPYR was led by Global Energy Sector Head and Head of the London Projects Group Henry Stewart, supported by Associates Esteira Hiwaizi and Georgina Somers and Trainee Hayley Rowcliffe. Project development expertise was provided by Partner Emmanuel Ninos, working with Associates Ben Harvey and Elizabeth Gillespie. Partner John Rosmini, Senior Associate Cole Tennent-Fry and Associates Emily Harper and Mia Langston advised on real estate matters. Hedging advice was provided by Partner Rob McBride and Associate Kristina Buckberry; regulatory advice by Partner Nick Walker and Associate Hamish Ungless; and tax advice by Partner Richard Stephens and Associate Tabishe Arshad.
Henry commented: “We are pleased to have advised AMPYR on this innovative facility, which is one of the largest of its kind in the UK C&I renewables market to date. Being instructed on this transaction highlights the depth of WFW’s energy and renewables expertise and offering”.
